WASHINGTON—The White House said Friday that Elena Kagan’s membership on an advisory panel for the securities firm Goldman Sachs Group Inc. wouldn’t disqualify her for a position on the Supreme Court.

Ms. Kagan, the solicitor general, is considered a top contender to replace retiring Justice John Paul Stevens. President Barack Obama is expected to announce his nomination next week. An announcement could come “at any moment,” White House Press Secretary Robert Gibbs said Friday.

From 2005 to 2008, Ms. Kagan was a paid member of the Research Advisory Council of Goldman Sachs Global Markets Institute, according to financial-disclosure reports she filed after being appointed to her current job. The form shows she was paid $10,000 in 2008, when she was dean of Harvard Law School.

The Securities and Exchange Commission has accused Goldman in a civil suit of failing to disclose to clients in a deal involving mortgage-related securities that a hedge fund betting on the mortgages to fail helped design the product. Goldman denies the charges.